Banking and Insurance Industry keep financing ASI’s victory   

6th May, 2020

Bullish run was sustained at the local bourse as the Bulls once again pushed the market to a positive close. The ASI advanced by
140bps to 24,143.37 points, with all sectors closing in the green, led by the Banking (+5.32%), Insurance (+3.66%) and Consumer goods (+1.98%) sectors. However, the 24.04% rise in total volume traded did not transpire into an increased turnover, as the total value traded dipped marginally by 3.51% despite trades in GUARANTY, ZENITHBANK and FBNH dominating total market turnover. Investors' confidence as measured by the market breadth however remained strong, closing at 8.75x with 35 stocks closing higher against 4 that closed under.   

What will shape the market tomorrow? 

With the easing of the lock-down across the world and improvement in global oil price, we expect activities to pick up gradually and as such expect retail investors to continue to channel funds into the equities market in a bid to take advantage of attractive counters trading at lower bands. Barring any negative news, we expect no deviation from this trading pattern tomorrow (evidenced by the strong positive market breadth:
8.75x). However, we do not rule out profit taking activities in the market.      

Reporting for EasyKobo on Wednesday , 06 May 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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